Wednesday in Singapore, bullion prices climbed to within sight of a record above $1,250 an ounce struck the previous day, with dealers considering gold to be likely to consolidate before any charge higher.

Spot gold was at $1,238.05 an ounce by 6:24 GMT, up $4.42 from New York's notional close on Tuesday, when it rose as high as $1,251.20 marking its highest ever.

Gold has gained as much as 14% in 2010, underpinned by worries the sovereign debt crisis in Europe may spread and hurt global economic growth and uncertainties over the future of U.S. interest rates.

Two top US Federal Reserve officials on Tuesday offered opposing signals on the direction of interest rates, highlighting a split within the central bank.

US gold futures for August delivery fell $6.5 to $1,237.5 an ounce after hitting an all time high the previous day.

The SPDR Gold Trust reported its holdings to hit a record high at 1,298.530 tonnes as of June 8, from 1,286.359 tonnes as of June 4.